Posted: Thursday 7 June 2012
A successful year for Scottish law firm Morton Fraser LLP has seen employee bonuses and a 7% increase in profits to £3.9m.
Duncan Murray, Morton Fraser Chief Executive commented: “Despite a slight fall in revenue, reflecting the challenging state of the legal services market and economy, Morton Fraser has performed well. We have restructured successfully to ensure our costs are in line with revenue and retained a focus on providing expertise and value for our clients. We are delighted to have been in a position to pay bonuses to employees reflecting the contribution they have made. The reshaping of the partnership has also led to a significant rise in profit per equity partner."
Mr Murray reported at Morton Frasers AGM that growth in new clients, significant tender wins including MoD, Scottish Government, City of Edinburgh Council and retaining the firm's panel positions with all the main UK retail banks, provides an encouraging stream, of ongoing work.
Looking forward, Mr Murray also said: “In the next year we will be re-investing profits in updating our IT. Our vision and ambition is to create a UK wide business. We believe mergers will be key to building scale and brand and we are actively seeking the right merger partners.”